An important resource for the dynamic banking and financial industry, providing a definitive list of banks, financial institutions in Singapore.


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UOB taps data analytics to spur lending to Asean small businesses


UNITED Overseas Bank (UOB) is diving into data to move the dial in credit underwriting for small businesses in Asean.

Its ongoing work over two years in applying data analytics shows it has been able to cut the turnaround time in a small business loan application by more than half.

Upon full submission of the required documents by the client, the analytics-enabled ...more

Swiss private bank Pictet expands in Singapore with wholesale licence


THE Pictet Group said on Monday that it has obtained a wholesale bank licence from the Monetary Authority of Singapore (MAS) to expand its operations here.

The Swiss private bank said that its Singapore bank, Bank Pictet & Cie (Asia) Ltd (BPCAL), has received regulatory approval for a wholesale bank licence from the MAS and expects to begin operations as a wholesale bank ...more

New S$240m OCBC data fortress comes with blast-proof walls


IT may not be Fort Knox, but OCBC Bank's S$240 million new regional data centre comes with blast-resistant walls and full back-up power that kicks in when the external supply is cut.

The six-storey facility - designed and customised to serve all entities in the OCBC group for the next 30 years - is a purpose-built centre developed and owned by the bank and has been operational ...more

VP Bank to upgrade Singapore subsidiary to full branch

The boutique VP Bank is upgrading its local subsidiary to a full branch in a bid to capture Asia's voracious appetite for credit, said Singapore chief executive Bruno Morel.

The Liechtenstein-based bank, which celebrates its 10th anniversary in Singapore this year, will also upgrade its merchant bank licence to a wholesale banking one for more freedom and capacity to handle its burgeoning ...more

Grab Financial could disrupt banking sector


BANKS might soon be the next taxis. Grab's new fintech platform Grab Financial - which it launched on Tuesday - will impact and may one day disrupt the banking sector much like its ridehailing services have disrupted the taxi sector, industry players told The Business Times.

Through Grab Financial, Grab will offer loans and insurance to "millions" of consumers in South-east ...more

Bank of Singapore's Derrick Tan to also head HK branch


BANK of Singapore's global market head for Greater China and North Asia, Derrick Tan, has taken on the additional role of chief executive of its Hong Kong branch since March 6, the private banking arm of OCBC Bank said on Monday.

He replaces Sermon Kwan, a veteran of the bank of more than 16 years, who will remain as senior adviser to the bank.

Mr Tan will lead ...more

MAS sets out new measures to tackle mass movements of financial advisers


THE Monetary Authority of Singapore (MAS) on Wednesday proposed four measures to address large-scale movements of financial advisory (FA) representatives from one FA firm to another.

It is calling for a public consultation, after which it will then be decided if these measures might eventually become regulations.

"We'll see what the response is. We haven't decided. ...more

A nationwide e-invoice system to link them all


IF a nationwide e-invoicing system that will be rolled out soon succeeds, it will cut costs for businesses, boost productivity, speed up payments, access new financing options and reduce errors.

For that to be achieved, business owners need to get onboard, and there must be integration with currently fragmented service providers, industry players say.

Minister for ...more

AXA Insurance eyes high net worth market


AXA Insurance has set its sights on expansion in the high net worth (HNW) space; it plans to roll out a range of products this year including health and lifestyle plans targeted at the well-heeled.

Sean Goh, AXA chief partnerships distribution officer, said the high net worth clientele in Asia are currently "under-served'' in terms of insurance.

"The market penetration ...more

AIA S'pore's operating profit rises 12% to $665m

A good performance from its high-quality policy portfolio boosted full-year numbers at AIA Singapore, it said yesterday.

The insurer recorded a 12 per cent increase in operating profit after tax to US$504 million (S$665 million) for the 12 months to Nov 30.

It also reported US$311 million worth of value of new business - a measure of expected profits from new premiums - with a positive ...more
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